ReneSola (SOL) Reports Q4 EPS of $0.00, Beats on Revenues; Offers FY18 Revenue Guidance Below Consensus

ReneSola (NYSE: SOL) reported Q4 EPS of $0.00. Revenue for the quarter came in at $64.8 million versus the consensus estimate of $36.29 million.

• Revenue was $64.8 million, compared to the guidance range of $55 million to $60 million;
• Gross margin was 10.5%, compared to 17.5% in Q3 2017 and 9.9% in Q4 2016;
• Income before income tax and noncontrolling interests from continuing operations was $2.0 million, compared to $4.0 million in Q3 2017 and $1.7 million in Q4 2016;
• Recognized revenue of $44.4 million from sales of distributed generation (DG) projects in China, community solar projects in the United States and utility projects in Turkey;
• Recognized revenue of $15.4 million from EPC services for 25 MW of DG projects in China;
• Recognized revenue from the sale of electricity of $5.0 million;
• Connected 76.8 MW of rooftop projects in China which the Company intends to hold; and
• Solar power project pipeline of approximately 1.1 GW, of which 546.5 MW are late-stage.

Outlook

For the first quarter of 2018, the Company\'s project business is expected to generate revenue in the range of $30 to $35 million and overall gross margin in the range of 15% to 20%. During the first quarter of 2018, the Company expects to connect 5 MW to 10 MW of DG projects in China, and to monetize 5 MW projects in international markets.

For 2018, the Company expects to generate revenue in the range of $130 to $140 million with overall gross margin in the range of 20 to 25%. The Company intends to connect 150 MW to 200 MW of DG projects in China, and to monetize 50 MW to 70 MW projects in international markets.

GUIDANCE:

ReneSola sees FY2018 revenue of $130-140 million, versus the consensus of $167.9 million.

For earnings history and earnings-related data on ReneSola (SOL) click here.

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